Dr Malina Ngai, Group CEO of health and beauty retailer AS Watson, has been named one of Fortune’s Most Powerful Women in Asia for 2025. Ngai ranks sixth on the list and was the only retail executive in the top 10.
The Award from media company Fortune recognizes women who are transforming business across Asia’s major financial, consumer and technology centers. In selecting the winners, Fortune evaluated company scale and health, career momentum, influence, innovation and efforts to drive social impact.
The award was presented to Ngai at the Fortune Innovation Forum gala dinner held in Kuala Lumpur, Malaysia last night.
Speaking at the event, Ngai talked about ‘The Science Behind a 185-Year Company’. “We invest in talent and agility so our teams can adapt quickly without losing our DNA,” she said.
Drawing on her background as a competitive athlete, Ngai added: “What sports have taught me is a kind of true resilience that no business school can teach. As a competitive athlete, you train for months for just a few minutes of performance. That focus, anticipation, perseverance, and the spirit of never easily giving up – that’s the essence of resilience.”
Ngai also highlighted AS Watson’s focus on using data and AI to personalize offers, while maintaining a human connection with customers.
AS Watson claims to be the world’s largest international health and beauty retailer, with over 17,000 stores across 31 markets. The company will celebrate its 185th anniversary in 2026.